Affordable Housing Community

Posted on: March 21st, 2010

What is Affordable Housing?

Hide House Lofts is being financed with affordable housing tax credits. The Section 42 program has been in place since the late 1980’s as a way to encourage private developers to build high-quality affordable housing communities. Developers receive attractive financing for their projects in exchange for long term agreements to maintain affordable rents. The financial assistance we received to build the Hide House Lofts was used to reduce the overall cost of our project, allowing us to charge lower rents to tenants who qualify under WHEDA’s program. Other than requiring income qualification, Hide House Lofts functions like any other “market rate” apartment community — tenants must pay their own rent and utilities.

Affordable Income Image

Affordability Without Compromising Quality

A potential resident’s income is verified and measured against the Milwaukee County median income for various household sizes. To qualify, an applicant must earn less than the maximum income allowed in each income category, e.g. 30%, 40%, 50% and 60% of County Median Income. A variety of units are available in each income category. Specific qualification guidelines must be followed, so please schedule an appointment with our leasing agent to go over the specifics of the program.

Find out more about Income Restrictions